Public Markets 8 Hours

Last updated: August 13, 2026, 5:38 PM ET

Public Markets

Wall Street rallied to fresh records after cool inflation data eased rate fears, with the S&P 500 closing at an all-time high. The benchmark’s latest record came as a report on moderated wholesale inflation helped traders pare bets on Federal Reserve rate hikes, and bond traders stopped fully pricing in an increase this year. The rally extended to Europe, where European equities finally matched US exuberance, pushing major indices to record levels in a "Hot Stoxx summer." The positive momentum, however, contrasts with caution in other corners of the market, as investors continue to grapple with the implications of persistent inflation and elevated borrowing costs.

Equities

The S&P 500 closed at a record high following the inflation report, while the Nasdaq also posted strong gains. In corporate news, Applied Materials posted higher profit and revenue, with continued AI demand driving its semiconductor solutions. Conversely, Tapestry shares tumbled after the Coach owner gave a soft outlook for its new fiscal year, leaving investors wondering how long the brand can excel. Workday shares surged on a report that private equity firm Silver Lake is in talks to purchase the software provider. In a sign of shifting sentiment in the car rental sector, Hertz shares fell after Bill Ackman’s Pershing Square sold its stake in the company.

Fixed Income

The US sold 30-year bonds at their highest borrowing costs since 2001, with yields jumping amid concerns over mounting public debt and persistently high inflation. In a related development, some bond investors are now actively calling on the Fed to raise rates to combat inflationary pressures. Meanwhile, the nation’s affordable-housing shortage is fueling a surge in mortgage muni bond securitizations, a fast-growing corner of the municipal bond market. BlackRock’s Rick Rieder noted that the yen rebound hinges on the Bank of Japan turning more hawkish.

Commodities

Gold settled 1% lower, snapping a four-session winning streak, while silver also fell. US natural gas futures retreated after the EIA reported an above-estimate weekly inventory build, extending the storage surplus. In the fertilizer market, India urea offers declined 12% as the war-driven supply squeeze eases. A wave of Middle Eastern oil shipments is arriving at US ports, easing supply pressure. A second supertanker was seen loading at Saudi Arabia’s main export terminal. The recovery in wind energy is also picking up speed on commercial and strategic grounds.

Corporate & Deals

Tyson Foods will exit more beef plants as a prolonged US cattle shortage, the lowest in 75 years, squeezes meatpackers. In the energy sector, Diversified Energy is near a $1.7 billion deal to acquire Elliott-backed Birch Resources. AMD is set to raise $4.75 billion in its biggest-ever bond sale, capitalizing on AI demand. Goldman Sachs is pushing further into active ETFs with its purchase of the issuer of SPYI and QQQI. The FBI seized the phone of a Guggenheim executive in a probe of Mark Walter’s business empire. Separately, the Lakers owner, facing a liquidity crunch, accepted a $12.5 billion offer to buy the team from Joshua Kushner and Bob Iger. In the accounting world, EY vaulted from the bottom to the top of the Big Four US audit quality league table, with inspectors citing fewer flaws.

Tech & Crypto

OpenAI Chief Revenue Officer Denise Dresser is departing after less than a year. Elon Musk is leaning into fossil fuels, with SpaceX planning a Texas natural gas plant to power a new chip facility. A data breach at Trezor has put nearly 14,000 crypto holders at security risk, as personal details were stolen. Chime is exploring bringing stablecoins into its banking app, a sign the technology is moving beyond crypto markets. The 351 conversion ETF is pushing tax efficiency further than ever. The Polestar dealer sued the automaker, alleging it orchestrated its US ban and seeking at least $25 million in damages.

Regulation & Policy

A federal appeals court ruled that New York’s pied-à-terre tax can proceed for now. The Kennedy Center Board voted to inscribe Trump’s name on the building, testing a judge’s order. Trump’s immigration policy is echoing the 1920s crackdown, but without Congress. The administration is also pushing tech groups for a cyber privateering push. After Supreme Court losses, Trump keeps pushing. The US government probed left-leaning groups during a Minnesota immigration crackdown. California may let residents choose ‘Jewish’ as an ethnic identifier on state forms.

International & Geopolitics

UAE and Qatari firms are making their debut in Venezuela through a BP-led gas deal. Foreign investors are fleeing Brazil stocks at the fastest pace since 2021 amid election concerns. A passenger train derailed near Lewes in East Sussex. Seoul soared past Dubai as the world’s busiest international airport. In China, the death of former Premier Zhu Rongji brought mourning for a more hopeful time. The Board of Peace road map for Gaza gives hope for disarmament. Europe is once again in the grip of extreme heat, the fifth wave since May.

Energy & Utilities

A longshot US oil drilling project is shaking up Greenland, though locals are lining up against it. The energy & utilities roundup offers insight on oil futures, Orsted, and RWE. IWG’s confusing Rev PAR charts are raising investor questions.

Sports & Entertainment

Billionaires are taking over sports teams, posing a risk for fans as franchises get caught up in owners’ affairs. Selena Gomez is accused of fraud by investors in her mental-health startup. Bill Ackman called his new fund’s slumping stock price "frankly absurd." The StubHub World Cup ticket fiasco erased profits, sending the stock down. Mystery vacations are offering rock-bottom packages with no idea of the destination.

Other Market News

Quebec’s Caisse posted a 5% first-half return, falling short of its benchmark as private equity slumped. The auto & transport roundup covers Hapag-Lloyd and Maersk. The tech, media & telecom roundup covers Cerebras Systems and CXMT. Retail parks are the real threat to the British high street, elbowing for room. A guilty plea is expected in Luigi Mangione’s federal case. Topos Azteca, a Mexican volunteer rescue group, is helping with rescue efforts in Colombia. The ultimate tax deferral is found inside the 351 conversion ETF. AI has opened big holes in cybersecurity, requiring great investment in defenses. Mayor Burnham warned water companies against treating customers like a "blank cheque." Alfonso Fanjul Jr., the Cuban American sugar baron, died at. A city in Brazil mobilized against mosquitoes, offering lessons for the US. Supreme Court oral arguments have transformed since Covid. The vanishing nuns of New York are having a happy hour in assisted living.